公司治理水平、外部制度环境与环境绩效

发布时间：2018-01-07 13:08

本文关键词：公司治理水平、外部制度环境与环境绩效　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,随着我国经济发展,随之带来的环境问题越来越突出。尤其是近几年的雾霾天气更是严重影响了人们的生活和工作,也对企业的日常经营生产造成一定的影响,因此环境问题不仅受到包括政府、投资者和社会公众等利益相关者的关注,而且受到企业对自身环境问题的控制的影响。在全球可持续发展背景下,企业只有重视环境问题才是发展的长久之计,那么是否可以通过改善公司治理水平来提高企业环境绩效,即公司治理水平与环境绩效有怎样的关系?与此同时,外部制度环境对公司治理水平和环境绩效有怎样的影响?本文从公司治理水平与环境绩效的关系出发,并考虑在外部制度环境的影响下,不同公司治理水平对环境绩效的影响。首先,本文梳理国内外相关文献,并对理论基础进行了梳理,涉及到的理论主要包括可持续发展理论、利益相关者理论和委托代理理论,为下文探讨公司治理水平、外部制度环境和环境绩效提供了理论基础。同时,通过相关理论和文献的梳理分析了影响公司治理的基本要素,并通过主成分分析法,得到代表公司治理水平的指数。其中影响公司治理水平的基本要素主要是从股权结构、董事会治理、监事会治理和高管特征这四个方面进行分析,股权结构包括第一大股东持股比例、控股股东性质、国有股持股比例和股权制衡度四个方面;董事会治理包括董事会规模、董事会次数、二职合一和独立董事比例四个方面;监事会治理主要是监事会规模;高管特征包括高管薪酬、持股比例、平均任期、平均年龄、平均学历和女性高管比例六个方面。其次,通过梳理国内外关于环境绩效的文献,根据相关文献对环境绩效概念和维度的界定,并结合相关理论及相关数据的可获得性,从第二维度和第三维度中分别选取具有代表性的指标作为环境绩效的替代变量,包括环保投资、环保补贴和排污费三个变量。第三,选取重污染行业上市公司2011-2015年的数据,考察公司治理水平与环境绩效的关系,研究发现:(1)公司治理水平与环保补贴有显著正相关关系,与排污费有显著负相关关系.(2)环保投资与公司治理水平呈正相关关系,但不显著。而考虑外部制度环境时,外部制度环境与公司治理水平的交乘项的符号与单独公司治理水平的符号相反,因此这可能是由于现代企业的内部治理机制逐渐趋同,无法真实反映公司治理水平与环境绩效的关系,而外部制度环境对公司治理水平的影响越来越大,外部制度环境的不同导致公司内部治理机制的差异,从而进一步影响环境绩效。最后,在对公司治理水平与环境绩效之间关系研究的基础上,进一步考察不同的外部制度环境,对公司治理水平和环境绩效的影响。其中外部制度环境取自樊纲等(2011)的市场化指数,分别为市场化程度、政府干预、金融发展水平和法制化环境这四个方面进行检验。研究发现:(1)市场化程度越高、法制化环境越好,会增强公司治理水平对环保补助和排污费的影响;(2)金融发展水平越高,会增强公司治理水平对环保补助和环保投资的影响;(3)政府的干预程度越低,会增强公司治理水平对环保补助和排污费的影响。
[Abstract]:In recent years, with China's economic development, it brings environmental problems have become increasingly prominent. Especially in recent years, the haze is more serious influence on people's life and work, also has a certain impact on the enterprise's daily production and operation, so the environmental problems not only by including the government, investors and the public interest related to the attention of researchers, and influence of the control of the environmental problems. Under the background of global sustainable development, enterprises must attach importance to environmental problems is the development of a permanent solution, then it can improve the environmental performance of enterprises by improving corporate governance level, namely, how is the relationship between corporate governance and environmental performance at the same time? The external institutional environment will have impact on the level of corporate governance and environmental performance? In terms of the relation between corporate governance and environmental performance, and taking in abroad Influence of institutional environment under the influence of different corporate governance on environmental performance. Firstly, this paper combs the related literature at home and abroad, and the basic theory of carding, relates to the theory mainly includes the theory of sustainable development, stakeholder theory and principal-agent theory, as discussed below, the level of corporate governance, provides theory based on the external institutional environment and environmental performance. At the same time, the basic elements of corporate governance were analyzed by reviewing the theory and research, and through the principal component analysis method, obtained the number representing the level of corporate governance. The basic factors to affect the level of corporate governance is mainly from the ownership structure, governance of the board of directors, board of supervisors of the four aspects of governance and executive characteristics were analyzed, the ownership structure includes the proportion of the first shareholder, the nature of the controlling shareholder, the proportion of state-owned shares and equity balance degree of four party Surface; governance of the board of directors including the size of the board of directors, the board of directors of the number of two positions in four aspects and the proportion of independent directors; governance of the board of supervisors is the size of the board of supervisors; executive characteristics including executive compensation, shareholding ratio, average tenure, average age, average degree and high proportion of female pipe six aspects. Secondly, through combing the domestic and foreign literature on the environmental performance, according to the relevant literature on the concept and dimension of the definition of environmental performance, and combining the relevant theories and related to the availability of data, from the second dimension and the third dimension were selected as indicators of the environmental performance of the alternative variables, including investment in environmental protection, environmental protection subsidies and sewage charges three variables. Third, selection of heavy polluting industries listed companies in 2011-2015 data, the study found that, on the level of corporate governance and environmental performance: (1) corporate governance level and environmental protection subsidies A significant positive correlation, there is significantly negative correlation with the charges. (2) the environmental protection investment and corporate governance are positively correlated, but not significantly. While considering the external institutional environment, external institutional environment and corporate governance level of the product of the symbols and separate the level of corporate governance of opposite sign, so this is probably the modern enterprise internal governance mechanism gradually converging, cannot reflect the relationship between corporate governance level and environmental performance, and the external environment impact on the level of corporate governance is more and more big, the difference caused by different external institutional environment corporate governance mechanism, which will further affect the environmental performance. Finally, based on the research of the relationship between the level of corporate governance and environmental performance, to further investigate the different external institutional environments, impact on the level of corporate governance and environmental performance. The external system environment From Fang Gang (2011) of the market index, respectively, the degree of marketization, government intervention, the four aspects of financial development and legal environment for inspection. Study found that: (1) the higher the degree of market, legal environment better, influence would increase the level of corporate governance of environmental protection subsidies and sewage charges; (2) the higher the level of financial development, will enhance the level of corporate governance impact on environmental protection and environmental protection investment subsidies; (3) the lower the degree of government intervention, will enhance the level of corporate governance impact on environmental subsidies and sewage charges.

【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：X322;F275;F832.51;F271

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